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Status and Characteristics of the Petrochemical Industry

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Status and Characteristics of the Petrochemical Industry

Post  rihanna on Sun Jul 17, 2011 10:34 pm

Petrochemical industry, also known as petroleum chemical industry, refers to the field which takes the petroleum as the raw material for chemical production. The broad sense of petrochemical industry also includes natural gas chemical industry. As a newly emerging industry, petrochemical industry first came into being as a result of oil refining industry in 1920s, and it grew rapidly during the World War II. At present, petrochemical industry has become the backbone of the chemical industry and it plays an important role in the national economy.

The petrochemical construction industry in China is just in a new round of growth. According to the survey, in 2005, the ethylene demand in China has increased to 17.3 million tons, and the number will reach 21.9 million tons in 2010. The huge demand will promote the continuous prosperity for the market of petrochemical construction industry. In the next 5 years, the output value of the markets of ethylene-related petrochemical construction will reach about 27 billion Yuan per year. Together with other petrochemical industry constructions, the annual output value of petrochemical construction markets will amount to nearly 30 billion Yuan. Although the monopoly of petrochemical construction is not go great as the offshore oil construction, however, its profitability is much higher than the civil construction industry. It will grow steadily in the future.

With the development of technology, economic globalization and new trends in the petrochemical industry, the international and domestic markets of petrochemical engineering construction have changed greatly. The general trends are: the growing scale of the new petrochemical industry constructions will slow down; the ratio of structural adjustment and technological renewal will increase; the supply of project construction team will exceed its demand; competition wil become increasingly fierce; and there will be more requirements for the technical content, management level, business scope, flexibility and the overall strength of the construction companies.

Petrochemical construction is a technology-intensive industry, with the characteristics of large-scale investment, multiple related fields, long construction period, and various types of involving contractors. In the meantime, it has to closely coordinate with multiple fields at every stage such as initial project development and design, procurement, construction, equipment test and operation. Each stage must be strictly monitored without any mistake. Otherwise it will affect the investment, quality and progress of the whole project, resulting in unnecessary losses.

rihanna

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